Standard & Poor’s said VeriFone
PAY, +0.59%
will replace Timberland Co.
TBL, +11.39%
close to being acquired by VF Corp.
VFC, +0.56%
in the S&P MidCap 400 index after the close of trading on Sept. 13.

Also late Wednesday, Time Warner Cable Inc.
TWC, -0.43%
priced a $2.25 billion debt offering, proceeds from which are expected to be used for general corporate purposes including debt repayment. The underwritten public offering — $1 billion of 4% notes due 2021 and $1.25 billion of 5.5% debentures due 2041 — is expected to close Sept. 12, the company said.

The board of Digital River Inc.
DRIV
authorized up to $100 million in share repurchases of common stock. Buybacks may take place via the open market or in privately negotiated transactions, the e-commerce services provider said.

Wednesday earnings recap

G-III Apparel
GIII, +1.40%
said it now expects third-quarter sales of $500 million and earnings of $2.25 to $2.35 a share; consensus estimates were $503 million and $2.35 a share, respectively. The update came as the company reported net earnings of $1.6 million, or 8 cents a share, for the second quarter ended July 31, down from $3 million, or 15 cents, earned in the same period a year ago. Revenue, however, rose to $230 million from $189 million. The company pointed to “higher levels of support and discounts” to customers. Analysts had forecast 20 cents a share on $213.9 million in revenue for the latest quarter. New York-based G-III also revised its forecast for fiscal 2012, with earnings projected at $3.05 to $3.15 a share on revenue of $1.25 billion. Consensus estimates call for $3.21 a share and $1.21 billion, respectively.

The chief executive of Pall
PLL, +0.04%
said the company had a “disappointing finish to an otherwise good year” in fiscal 2011. Preliminary results for the fourth quarter ended July 31 showed adjusted earnings of 76 cents a share, up 6% from the same period in fiscal 2010. Quarterly sales rose 15% to $780.4 million. Currency translations added 8 cents a share to quarterly earnings and accounted for 8.8% of the sales increase, the company said. Profitability in Pall’s industrial business “fell short of what we anticipated,” said Eric Krasnoff, Pall’s president and CEO. The company’s results will be formally reported Sept. 14.

Men’s Wearhouse Inc.
MW, -0.05%
said it expects third-quarter earnings of 64 cents to 66 cents a share and forecast full-year adjusted earnings at $2.13 to $2.20 a share, as opposed to analysts’ consensus projections of 64 cents and $2.14 a share, respectively. For the second quarter ended July 30, the clothing retailer posted adjusted earnings of $1.11 a share on revenue $655.5 million. Analysts’ consensus stood at earnings of $1.02 a share and revenue of $637.9 million.

Hovnanian Enterprises
HOV, -0.98%
narrowed its third-quarter loss, but Chairman Ara Hovnanian said “we see very few indicators that any recovery in the housing market has begun,” with the company’s sales falling 25% and gross margin on home building compressed further in the three months ended July 31. Hovnanian reported a loss of $50.9 million, or 47 cents a share, compared with a year-earlier loss of $72.9 million, or 92 cents a share. The latest and prior-year results included $11.4 million and $49 million, respectively, in land-related charges before taxes. Quarterly revenue fell to $285.6 million. Analysts surveyed by Thomson Reuters had been looking for a loss of 50 cents a share on revenue of $292 million.

Along with reporting results for the company’s first quarter ended July 30, AeroVironment Inc.
AVAV, -0.04%
restated its full-year financial forecast pegging earnings at $1.28 to $1.35 a share and revenue in a range of $321 million to $336 million. Funded backlog at the end of July was $72.7 million, down from $82.9 million as of April 30, the company said.

Also reporting its latest financial results late Wednesday, SeaChange International Inc.
SEAC, +0.58%
pegged third-quarter adjusted earnings in a range of 16 cents to 22 cents a share on revenue of $51 million to $57 million. This would be an improvement from revenue of $50.1 million for the second quarter ended July 31. Second-half revenue growth will be tied to the speed with which SeaChange’s Adrenalin software rollout goes, the Acton, Mass.-based company said.

And Smith & Wesson Corp.
SWHC, +0.93%
steered lower its full-year revenue forecast, to between $410 million and $425 million from a prior projected range of $420 million to $440 million. The company cited “challenges in the security solutions market.” Smith & Wesson also provided an update on the second-quarter financial outlook as it reported results for the first quarter ended July 31.

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